Falling to around 55.5 US cents to the NZ dollar, this rate has not been seen since October 2022.
It means imported goods - including fuel - will cost more, but that is good news for exporters who will see higher returns.
AA fuel price spokesperson Terry Collins told RNZ's Morning Report programme today if people thought prices for petrol now were bad, they are from oil bought over a month ago, so will only get worse.
"It's gone up $10 a litre... and those contracts were forward contracts so we're yet to see those prices come through, so we'll be seeing more prices going up."
He could see prices go up at least another 10 cents up at the pump.
The cause is mainly geo-political, he said.
Beef + Lamb Alliance Group global sales director James McWilliam said it was positive news for exporters after two very long and challenging years for the industry.
"What this means for the industry is the red meat sector returns about nine to 10 billion (dollars) to the New Zealand economy on an annualised basis and about 90 to 95 percent of that is exported."
The United States was one of the largest the New Zealand market traded with, he said.
Hospitality New Zealand spokesperson Sam MacKinnon said bars, cafes and restaurants rely on a strong domestic market.
The latest data from payments company, Worldline, shows hospitality sector spending fell 2.7% in 2024.
